H1 2023: During H1 2023, the key players in the global Polylactic Acid (PLA) market were Corbion and Total, NatureWorks, and Futerro (GALACTIC) & BBCA. In February 2023, a cornerstone-laying ceremony was held by NatureWorks, the leading producer of low-carbon polylactic acid (PLA) biopolymers created from renewable resources, to mark the start of construction on their brand-new Ingeo PLA production complex in Thailand. The manufacturing plant, which is situated on the Nakhon Sawan Biocomplex (NBC) in the Thai province of Nakhon Sawan, is planned to be completely integrated, with production facilities for PLA, lactide, and lactic acid. The manufacturing facility will produce different grades of Ingeo biopolymer grades and have an annual capacity of 75 thousand tonnes. The plant is anticipated to be operational in the second half of the year 2024. In the US market, polylactic acid prices witnessed some fluctuations in H1 2023. The prices rose continuously till mid-May 2023. High demand of PLA from the downstream packaging along with increase in operational expenses, logistics, and utilities based on polylactic acid led to the hike in the PLA prices in the US. With lower PLA inventories and an increase in consumption rates, the prices of polylactic acid surged in the North American market till mid-May 2023. The PLA price was decreased in the region as a result of the moderate supply, adequate stockpiles, and low to moderate demand from downstream packaging sector.
H1 2022: During H1 2022, the top players in the global Polylactic Acid (PLA) market were NatureWorks, Corbion and Total, and Futerro (GALACTIC) & BBCA. Corbion and Total held hands in 2020 in the form of a joint venture to create bioplastics to produce and advertise polylactic (PLA) polymers on a global scale. In H1 2022, this venture solely produced approximately 10% of the total PLA. Geographically, Asia Pacific held the position of the largest consumer of Polylactic Acid during H1 2022. In the period of January 2022 – February 2022, the Asia-Pacific polylactic acid market remained flat despite higher prices for raw materials corn and sugarcane. There was an abundant availability of raw materials and sufficient plant operating efficiency in the region to meet the demand in APAC. However, the demand for polylactic acid hiked in China for medical equipment due to the resurgence of the new coronavirus infection across the nation. Although, near mid- May 2022, PLA prices stabilized in China as the country resumed production, but soon lockdowns were implemented due to coronavirus. Additionally, the availability of feed from the United States and the Netherlands was hampered during this time. Prices of PLA rose in Europe during April-May 2022 due to surge in demand for biodegradable plastics like PLA The market price of polylactic acid continued to rise due to the demand for medical services. Furthermore, the price of raw materials continued to rise during H1 2022 across Europe and the price of polylactic acid also rose proportionally in the region.
H2 2022: In July 2022, Röhm GmbH announced about their plan to manufacture films from renewable and recycled resources. Its new product called EUROPLEX film, which is a PLA-based film is a lustrous and stable film which is transparent. Its specialty is that, unlike other PLA-based films available in the market, it is not bidirectional and can be thermoformed. However, APAC maintained its position to be the largest consumer of PLA. The Asia Pacific consistently fluctuated in terms of Polylactic Acid prices during H2 2022. Initially, there was a constant rise in the prices of PLA in APAC. The rise in raw material prices in the domestic market, as well as increases in corn and lactic acid prices, were the factors. In addition, feed shipments from the United States remained chaotic during H2 2022 as supplier countries faced feed indifferences. However, the demand for biodegradable plastics in the Chinese market was substantially strong, affecting the market price of polylactic acid in the nation. New environmental regulations by the governments of Asian nations, social concerns and growing awareness accelerated the demand for eco-friendly products like PLA for packaging purposes. However, the domestic production of polylactic acid was sluggish in APAC due to shortages of raw materials such as sugar cane and corn in the exporting countries. Towards the end of the H2 2022, the APAC market witnessed downward price trend in polylactic acid in the Chinese market as the prices of raw material faced a fall.
The global Polylactic Acid (PLA) market has grown significantly in the past years and reached 350 thousand tonnes in 2022 and is expected to grow at a healthy CAGR of 14.44% during the forecast period until 2035. Increasing government focus on biodegradable plastic, and stringent government laws prohibiting the use of plastic bags and other plastic items are projected to drive the market ahead.
Polylactic acid, also known as polylactide, is a biodegradable and bioactive polyester composed of lactic acid building blocks. Polylactic acid is one of the most promising biodegradable polymers (biopolymer) at in the current time. It is a thermoplastic aliphatic polymer having good mechanical properties and a semi-crystalline, biodegradable hydrophobic nature. Polylactic acid is totally compostable, meaning it may degrade into biodegradable components under certain conditions, making it a popular material for packaging in industries such as food and beverage and consumer goods. Bioplastics like polylactic acid are made from organic biomass resources such as corn, sugarcane, and other plants, rather than traditional sources such as petroleum. Polylactic acid accounts for the majority of viable bioplastic in the industry. Because of the rising demand and pricing for petroleum and petroleum-based products such as synthetic plastics, the industry prefers Polylactic acid over conventional plastic, the demand for this commodity is anticipated to rise in the upcoming years. Owing to these factors, the global Polylactic Acid market is expected to reach 2000 thousand tonnes in 2035.
Polylactic acid demand from the packaging industry is a key market growth driver in developing countries. The governments all across the globe are taking necessary steps to increase the use of biodegradable products by offering subsidies. Pollution control and environmental safety are two of the main reasons why more and more stakeholders are leaning towards bioplastics instead of petroleum-based plastics. New manufacturing facilities in the packaging, textiles, and electronics industries are being created because of technology advancements, technological transfer from rich countries, and increasing consumer demand in developing countries.
Based on region, Asia Pacific is the key consumer of Polylactic Acid market, followed by Europe and North America. This region consumed approximately 45% of the net market. Throughout the forecast period, an increase in demand for PLA from end-use sectors including packaging and electronics in emerging regions is anticipated to drive up demand for polylactic acids in Asia Pacific region. The number of mergers and acquisitions by well-known companies from around the world has increased in recent years.
Based on the end-user industry, the global Polylactic Acid market is segmented into Packaging, Agriculture, Textile, Electronic Appliances, and Others. The Packaging industry is the leading consumer of polylactic acid followed by agriculture industry. In 2022, the Packaging industry consumed more than 55% of the net Polylactic acid.. Similar to the common plastic polyethylene terephthalate (PET), which is used for soft drinks and many other food products, PLA possesses taste and odour barrier properties, which makes it suitable material for food & beverage packaging. PLA is also resistant to grease and moisture.
Major players in the production of Global Polylactic Acid are NatureWorks, BASF SE, Zhejiang Hisun Biomaterials Co, Futerro (GALACTIC) & BBCA, Jilin Cofco Biomaterials, Hengtian, Synbra Technology BV, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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Objective of the Study:
• To assess the demand-supply scenario of Polylactic Acid which covers production, demand and supply of Polylactic Acid market in the globe.
• To analyse and forecast the market size of Polylactic Acid
• To classify and forecast Global Polylactic Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Polylactic Acid market in the globe.
To extract data for Global Polylactic Acid market, primary research surveys were conducted with Polylactic Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Polylactic Acid market over the coming years.
ChemAnalyst calculated Polylactic Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Polylactic Acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Polylactic Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Polylactic Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Polylactic Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Polylactic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
350 thousand tonnes
Market size Volume by 2035
2000 thousand tonnes
Growth Rate
CAGR of 14.44% from 2023 to 2035
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2035
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Capacity by Technology, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share, Manufacturing Process, Policy and Regulatory Landscape.
Segments covered
By End-Use: (Packaging, Agriculture, Textile, Electronic Appliances, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Polylactic Acid market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Polylactic Acid.
3. Capacity By Location
To better understand the regional supply of Polylactic Acid by analyzing its manufacturers' location-based capacity.
4. Capacity By Technology
To better assess the manufacturing capacities with different technologies as well as understand which technology is more in demand.
5. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
6. Production By Company [Quarterly Update]
Study the historical annual production of Polylactic Acid by the leading players and forecast how it will grow in the coming years.
7. Demand by End- Use [Quarterly Update]
Discover which end-user industry (Packaging, Agriculture, Textile, Electronic Appliances, and Others) are creating a market and the forecast for the growth of the Polylactic Acid market.
8. Demand by Region
Analyzing the change in demand of Polylactic Acid in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
9. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Polylactic Acid. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
10. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Polylactic Acid.
11. Company Share
Figure out what proportion of the market share of Polylactic Acid is currently held by leading players across the globe.
12. Country-wise Export
Get details about quantity of Polylactic Acid exported by major countries.
13. Country-wise Import
Get details about quantity of Polylactic Acid imported by major countries.
14. Manufacturing Process
Discover insights into the intricate manufacturing process of Polylactic Acid.
15. Policy and Regulatory Landscape
Gain a comprehensive understanding of the policy and regulatory landscape within the Polylactic Acid market.
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of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What is the estimated CAGR of market growth of global Polylactic Acid in terms of volume by 2035?
Ans:
The global market size of Polylactic Acid is likely to grow at an estimated CAGR of 14.44% by 2035.
Q2.
Which end-use industry is dominating the global Polylactic Acid market?
Ans:
Packaging Industry is dominating the global Polylactic Acid market.
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